Western Midstream Partners, LP bonds WES
Who owns Western Midstream Partners, LP's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. WES stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 958254AH7 | 4.5% fixed | 2028-03-01 | USD | 99.52 | 4.81% | 66 bp | 12 | $20.2M | Jul 2026 |
| 958254AK0 | 4.75% fixed | 2028-08-15 | USD | 99.93 | 4.78% | 56 bp | 15 | $28.3M | Jul 2026 |
| 958667AF4 | 6.35% fixed | 2029-01-15 | USD | 103.05 | 5.01% | 78 bp | 18 | $49.7M | Jul 2026 |
| 958667AC1 | 4.05% fixed | 2030-02-01 | USD | 96.44 | 5.17% | 90 bp | 19 | $48.7M | Jul 2026 |
| 958667AH0 | 4.8% fixed | 2031-03-01 | USD | 98.12 | 5.26% | 95 bp | 29 | $54.0M | Jul 2026 |
| 958667AE7 | 6.15% fixed | 2033-04-01 | USD | 102.87 | 5.63% | 119 bp | 28 | $24.1M | Jul 2026 |
| 958667AG2 | 5.45% fixed | 2034-11-15 | USD | 98.08 | 5.74% | 122 bp | 14 | $8.3M | Jul 2026 |
| 958667AJ6 | 5.5% fixed | 2035-12-15 | USD | 97.24 | 5.89% | 132 bp | 21 | $31.5M | Jul 2026 |
| 958667AK3 | 5.7% fixed | 2036-07-01 | USD | 98.71 | 5.87% | 128 bp | 14 | $24.9M | Jul 2026 |
| 958254AD6 | 5.45% fixed | 2044-04-01 | USD | 88.16 | 6.59% | 160 bp | 13 | $9.1M | Jul 2026 |
| 958254AJ3 | 5.3% fixed | 2048-03-01 | USD | 83.65 | 6.75% | 164 bp | 16 | $10.1M | Jul 2026 |
| 958254AL8 | 5.5% fixed | 2048-08-15 | USD | 85.79 | 6.75% | 164 bp | 4 | $806K | Jul 2026 |
| 958667AA5 | 5.25% fixed | 2050-02-01 | USD | 83.26 | 6.67% | 156 bp | 20 | $16.3M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $5.1M | 84.33 | 6.57% | 135 bp | 1 |
| Jul 2026 | 13 | $325.9M | 98.08 | 5.74% | 122 bp | 29 |
| Jun 2026 | 13 | $1.21B | 98.95 | 5.53% | 113 bp | 70 |
| May 2026 | 14 | $761.2M | 99.73 | 5.34% | 99 bp | 40 |
| Apr 2026 | 12 | $277.4M | 99.10 | 5.41% | 124 bp | 31 |
| Mar 2026 | 13 | $1.08B | 99.00 | 5.49% | 139 bp | 63 |
| Feb 2026 | 13 | $763.4M | 100.76 | 5.09% | 112 bp | 43 |
| Jan 2026 | 13 | $295.4M | 100.00 | 5.27% | 121 bp | 28 |
| Dec 2025 | 13 | $1.06B | 99.98 | 5.25% | 126 bp | 63 |
| Nov 2025 | 14 | $668.5M | 99.93 | 5.23% | 128 bp | 43 |
| Oct 2025 | 13 | $242.4M | 99.91 | 5.37% | 145 bp | 26 |
| Sep 2025 | 11 | $940.7M | 100.09 | 5.33% | 136 bp | 64 |
| Aug 2025 | 11 | $587.0M | 98.73 | 5.52% | 139 bp | 45 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 132 added, 86 cut, 40 new holders and 37 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $115.1M | $115.0M | $50.0M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $97.0M | $92.4M | $6.0M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $94.8M | $89.1M | $8.7M |
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $68.2M | $67.8M | $17.8M |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $65.4M | $65.0M | $27.3M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $61.0M | $61.0M | -$19.4M |
| Baird Core Plus Bond Fund Baird Funds Inc | 2026-06-30 | $61.9M | $60.4M | $15.0M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $58.5M | $58.0M | $0 |
| Fidelity Investment Grade Bond Central Fund Fidelity Central Investment Portfolios II LLC | 2026-06-30 | $53.9M | $54.4M | $22.6M |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $54.3M | $52.4M | -$1.8M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $49.0M | $48.6M | $19.6M |
| Fidelity Total Bond ETF Fidelity Merrimack Street Trust | 2026-05-31 | $48.7M | $47.4M | $4.2M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $46.0M | $45.1M | $0 |
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $38.3M | $38.1M | -$373K |
| AST PGIM Fixed Income Central Portfolio Advanced Series Trust | 2026-06-30 | $38.2M | $37.7M | $208K |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $36.7M | $37.3M | -$19.7M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $34.8M | $33.4M | -$1.4M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $33.2M | $32.6M | $1.0M |
| Fidelity Series Investment Grade Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $30.8M | $30.6M | -$9.0M |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $27.1M | $26.8M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $26.0M | $26.2M | $4.7M |
| T. Rowe Price Ultra Short-Term Bond Fund T. ROWE PRICE SHORT-TERM BOND FUND, INC. | 2026-05-31 | $26.0M | $26.0M | new |
| AST Multi-Sector Fixed Income Portfolio Advanced Series Trust | 2026-06-30 | $29.1M | $25.9M | $0 |
| PGIM Short-Term Corporate Bond Fund Prudential Short-Term Corporate Bond Fund, Inc. | 2026-06-30 | $25.4M | $25.1M | -$3.0M |
| Baird Intermediate Bond Fund Baird Funds Inc | 2026-06-30 | $23.6M | $23.4M | $4.0M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Baird Ultra Short Bond Fund ($35.4M), Victory Pioneer Multi-Asset Ultrashort Income Fund ($16.1M), PIMCO Short-Term Fund ($8.8M), PIMCO Investment Grade Credit Bond Portfolio ($6.0M), American High Income Trust ($5.9M), AB Ultra Short Income ETF ($5.2M), Aristotle Core Income Fund ($4.5M), PIMCO Enhanced Short Maturity Active Exchange-Traded Fund ($4.3M), Victory Pioneer Short Term Income Fund ($3.3M), Fidelity SAI Enhanced Core Bond Fund ($3.0M).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 11 | $94.8M | $89.1M | 0.02% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $61.0M | $61.0M | 0.09% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 5 | $49.0M | $48.6M | 0.10% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 6 | $48.7M | $47.4M | 0.18% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 12 | $34.8M | $33.4M | 0.02% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $33.2M | $32.6M | 0.11% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 4 | $26.0M | $26.2M | 0.05% |
| GSY Invesco Ultra Short Duration ETF | 2026-07-31 | 1 | $19.0M | $19.6M | 0.50% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $17.9M | $17.8M | 0.08% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $16.0M | $16.3M | 0.09% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 4 | $15.4M | $15.4M | 0.02% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 12 | $15.5M | $14.9M | 0.09% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 9 | $13.2M | $13.2M | 0.11% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $11.6M | $11.7M | 0.10% |
| TBUX T. Rowe Price Ultra Short-Term Bond ETF | 2026-05-31 | 2 | $11.0M | $11.0M | 0.96% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 9.86: safer than 81% of companies (87th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $18.30B |
| Debt barrier (short-term + ½ long-term debt) | $4.61B |
| Equity volatility (1 year) | 20.4% |
| Asset value / asset volatility (solved) | $22.72B / 16.5% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 122 bp spread prices in about 2.0% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 0.96 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in WES's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 48 | $292.9M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 364 | $7.32B | 7 | $32.4M | 6 | $78.8M | 0 |
| 2026-03-31 | 336 | $5.43B | 9 | $52.5M | 8 | $67.3M | 0 |
| 2025-12-31 | 317 | $5.05B | 8 | $53.1M | 9 | $56.5M | 0 |
| 2025-09-30 | 280 | $5.53B | 10 | $47.1M | 9 | $72.0M | 0 |
| 2025-06-30 | 273 | $5.42B | 8 | $29.0M | 8 | $60.3M | 0 |
Officials trading WES bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2026-03-26 | President Donald J. Trump | purchase | WESTERN MIDSTREAM NTS 6.350% 011529 DTD092923 FC011524 B/E CALL@MW+308 YTM = 4.771 UNSOLIC | $100,001 - $250,000 | filing |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.